Vinyl Group Ltd (ASX: VNL) Successfully Completes Retail Entitlements Offer
Entitlement Offer Overview
Vinyl Group Ltd (ASX: VNL) has successfully completed its retail component of the fully underwritten entitlement offer, raising approximately A$7.65 million. This offer had strong shareholder support, with 58% take-up from existing shareholders. The retail entitlement offer closed on 15 January 2025 and was accompanied by a shortfall offer that contributed to the total raised amount.
Utilisation of Funds
The funds raised will be allocated to the acquisition of Concrete Playground Pty Ltd, along with replenishing cash reserves for previous acquisitions and additional working capital. New shares from the retail entitlement offer will be allotted on 21 January 2025 and commence trading on 23 January 2025.
Executive Insights
CEO Josh Simons commented, “The take-up of the Offer by 58% of existing shareholders continues to validate the shareholder support in our strategy.” He further added that the company has built a strong portfolio of properties aimed at delivering exceptional value and ensuring a path to profitability.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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